SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

				Initial Cost				Costs Subsequent		Gross Amount at December 31, 2023
Description	Mortgage Debt/ Encumbrances			Land		Buildings, Improvements and Furniture, Fixtures and Equipment		Buildings, Improvements and Furniture, Fixtures and Equipment		Land		Buildings, Improvements and Furniture, Fixtures and Equipment		Total		Accumulated Depreciation		Date Acquired
Aliso Viejo, CA - Homewood Suites	$	—		$	5,599	$	32,367	$	800	$	5,599	$	33,167	$	38,766	$	(9,480)	2017
Amarillo, TX - Courtyard	—			269		18,561		692		269		19,253		19,522		(2,573)		2022
Amarillo, TX - Embassy Suites	—			657		38,456		829		657		39,285		39,942		(5,273)		2022
Arlington, TX - Courtyard	—			1,497		15,573		193		1,497		15,766		17,263		(6,064)		2012
Arlington, TX - Residence Inn	—			1,646		15,440		903		1,646		16,343		17,989		(6,129)		2012
Asheville, NC - Hotel Indigo	—		(3)	2,100		34,755		3,056		2,100		37,811		39,911		(11,602)		2015
Atlanta, GA - AC Hotel	—			5,670		51,922		2,481		5,670		54,403		60,073		(13,884)		2017
Atlanta, GA - Courtyard	—		(2)	2,050		27,969		3,426		2,050		31,395		33,445		(11,242)		2012
Atlanta, GA - Residence Inn	—			3,381		34,820		2,724		3,381		37,544		40,925		(8,868)		2016
Austin, TX - Hampton Inn & Suites	—			—		56,394		6,271		—		62,665		62,665		(17,855)		2014
Baltimore, MD - Hampton Inn & Suites	—			2,205		16,013		6,178		2,205		22,191		24,396		(6,754)		2017
Baltimore, MD - Residence Inn	—			1,986		37,016		7,202		1,986		44,218		46,204		(13,648)		2017
Boulder, CO - Marriott	—			11,115		49,204		13,035		11,115		62,239		73,354		(18,411)		2016
Branchburg, NJ - Residence Inn	—			2,374		24,411		(10,881)		2,374		13,530		15,904		(7,977)		2015
Brisbane, CA - DoubleTree	—			3,300		39,686		2,160		3,300		41,846		45,146		(19,220)		2014
Bryan, TX - Hilton Garden Inn	—			713		11,337		5		713		11,342		12,055		(1,634)		2022
Camarillo, CA - Hampton Inn & Suites	—			2,200		17,366		955		2,200		18,321		20,521		(8,873)		2013
Charlotte, NC - Courtyard	—			—		41,094		2,926		—		44,020		44,020		(11,955)		2017
Chicago, IL - Hyatt Place	—		(3)	5,395		68,355		789		5,395		69,144		74,539		(18,819)		2016
Cleveland, OH - Residence Inn	—			10,075		33,340		3,814		10,075		37,154		47,229		(10,747)		2017
Dallas, TX - AC Hotel	—			1,330		31,379		396		1,330		31,775		33,105		(3,142)		2022
Dallas, TX - Hampton Inn & Suites	—			1,834		47,069		693		1,834		47,762		49,596		(4,462)		2022
Dallas, TX - Parking Garage	—			3,131		9,252		124		3,131		9,376		12,507		(483)		2022
Dallas, TX - Residence Inn	—			1,372		32,351		545		1,372		32,896		34,268		(3,228)		2022
Dallas, TX - SpringHill Suites	—			2,447		23,746		4,886		2,447		28,632		31,079		(1,790)		2022
Decatur, GA - Courtyard	—			4,046		34,151		4,403		4,046		38,554		42,600		(11,994)		2015
Eden Prairie, MN - Hilton Garden Inn	—			1,800		11,211		(13,011)		—		—		—		—		2013
Englewood, CO - Hyatt House	—		(3)	2,700		16,267		1,758		2,700		18,025		20,725		(9,363)		2012
Englewood, CO - Hyatt Place	—		(2)	2,000		11,950		4,849		2,000		16,799		18,799		(4,933)		2012
Fort Lauderdale, FL - Courtyard	—			37,950		47,002		7,251		37,950		54,253		92,203		(13,230)		2017
Fort Lauderdale, FL - New Builds	—			—		—		2,906		—		2,906		2,906		—		2017
Fort Worth, TX - Courtyard	—			1,920		38,070		10,950		1,920		49,020		50,940		(14,851)		2017
Fredericksburg, TX - Onera Escapes	—			1,251		5,209		3,607		1,638		8,429		10,067		(448)		2022
Frisco, TX - AC Hotel	—		(3)	1,246		38,390		155		1,246		38,545		39,791		(4,259)		2022
Frisco, TX - Canopy Hotel	—		(3)	1,109		38,531		91		1,109		38,622		39,731		(3,867)		2022
Frisco, TX - Parking Garage	—			2,470		6,563		20		2,470		6,583		9,053		(358)		2022
Frisco, TX - Residence Inn	—			1,246		38,390		108		1,246		38,498		39,744		(4,193)		2022

			Initial Cost		Costs Subsequent	Gross Amount at December 31, 2023
Description	Mortgage Debt/ Encumbrances		Land	Buildings, Improvements and Furniture, Fixtures and Equipment	Buildings, Improvements and Furniture, Fixtures and Equipment	Land	Buildings, Improvements and Furniture, Fixtures and Equipment	Total	Accumulated Depreciation	Date Acquired
Garden City, NY - Hyatt Place	—		4,200	27,775	593	4,282	28,286	32,568	(9,246)	2012
Glendale, CO - Staybridge Suites	—	(1)	2,100	10,151	7,568	2,100	17,719	19,819	(4,296)	2011
Grapevine, TX - Courtyard	—		2,542	34,872	2,092	2,542	36,964	39,506	(5,254)	2022
Grapevine, TX - Hilton Garden Inn	—		986	33,137	152	986	33,289	34,275	(3,577)	2022
Grapevine, TX - Holiday Inn Express & Suites	—		1,419	13,810	556	1,419	14,366	15,785	(2,184)	2022
Grapevine, TX - Hyatt Place	—		1,318	18,740	884	1,318	19,624	20,942	(2,912)	2022
Grapevine, TX - TownePlace Suites	—		1,686	23,119	286	1,686	23,405	25,091	(3,281)	2022
Greenville, SC - Hilton Garden Inn	—	(1)	1,200	14,566	3,291	1,200	17,857	19,057	(8,038)	2013
Hillsboro, OR - Residence Inn	—	(3)	4,943	42,541	4,749	4,943	47,290	52,233	(7,949)	2019
Hoffman Estates, IL - Hyatt Place	—		1,900	8,917	(10,817)	—	—	—	—	2013
Houston, TX - AC Hotel	—		4,796	52,268	1,338	4,796	53,606	58,402	(5,059)	2022
Houston, TX - Hilton Garden Inn	—		—	41,838	4,859	—	46,697	46,697	(16,688)	2014
Houston, TX - Hilton Garden Inn	—		2,800	33,777	8,634	2,800	42,411	45,211	(10,822)	2014
Hunt Valley, MD - Residence Inn	—		—	35,436	2,296	1,076	36,656	37,732	(11,020)	2015
Indianapolis, IN - Courtyard	—		7,788	54,384	(1,075)	7,788	53,309	61,097	(17,856)	2013
Indianapolis, IN - SpringHill Suites	—		4,012	27,910	(200)	4,012	27,710	31,722	(9,644)	2013
Kansas City, MO - Courtyard	—		3,955	20,608	(1,290)	3,955	19,318	23,273	(6,038)	2017
Land Parcels - Land Parcels	—		4,645	—	(2,995)	1,650	—	1,650	—	0
Lombard, IL - Hyatt Place	—		1,550	17,351	(18,901)	—	—	—	—	2012
Lone Tree, CO - Hyatt Place	—		1,300	11,704	4,916	1,314	16,606	17,920	(4,666)	2012
Longview, TX - Hilton Garden Inn	—	(2)	1,284	13,281	1,525	1,284	14,806	16,090	(1,679)	2022
Louisville, KY - Fairfield Inn & Suites	7,691	(2)	3,120	24,231	193	3,120	24,424	27,544	(8,936)	2013
Louisville, KY - SpringHill Suites	—		4,880	37,361	424	4,880	37,785	42,665	(13,979)	2013
Lubbock, TX - Hyatt Place	—		896	20,182	735	896	20,917	21,813	(2,709)	2022
Mesa, AZ - Hyatt Place	—		2,400	19,848	1,934	2,400	21,782	24,182	(6,841)	2017
Metairie, LA - Courtyard	—		1,860	25,168	8,231	1,860	33,399	35,259	(10,883)	2013
Metairie, LA - Residence Inn	—	(1)	1,791	23,386	528	1,791	23,914	25,705	(12,867)	2013
Miami, FL - AC Hotel	—		8,496	46,839	283	8,496	47,122	55,618	(3,298)	2022
Miami, FL - Element	—		5,882	32,427	567	5,882	32,994	38,876	(2,324)	2022
Miami, FL - Hyatt House	—		4,926	40,087	3,013	4,926	43,100	48,026	(16,812)	2015
Miami, FL - Sky Lounge	—		—	1,473	129	—	1,602	1,602	(211)	2022
Midland, TX - Homewood Suites	—		1,717	22,326	634	1,717	22,960	24,677	(3,058)	2022
Milpitas, CA - Hilton Garden Inn	—		7,921	46,141	6,963	7,921	53,104	61,025	(8,939)	2019
Minneapolis, MN - Hampton Inn & Suites	13,032		3,502	35,433	722	3,502	36,155	39,657	(11,996)	2015
Minneapolis, MN - Hyatt Place	—		—	34,026	2,511	—	36,537	36,537	(12,159)	2013
Minnetonka, MN - Holiday Inn Express & Suites	—		1,000	7,662	(8,662)	—	—	—	—	2013
Nashville, TN - Courtyard	—		8,792	62,759	8,138	8,792	70,897	79,689	(19,982)	2016

			Initial Cost		Costs Subsequent	Gross Amount at December 31, 2023
Description	Mortgage Debt/ Encumbrances		Land	Buildings, Improvements and Furniture, Fixtures and Equipment	Buildings, Improvements and Furniture, Fixtures and Equipment	Land		Buildings, Improvements and Furniture, Fixtures and Equipment	Total	Accumulated Depreciation	Date Acquired
Nashville, TN - SpringHill Suites	—		777	5,598	1,788	777		7,386	8,163	(2,929)	2004
New Haven, CT - Courtyard	—		11,990	51,497	7,233	11,990		58,730	70,720	(13,144)	2017
New Orleans, LA - Canopy Hotel	—		4,262	51,406	344	4,262		51,750	56,012	(4,581)	2022
New Orleans, LA - Courtyard	—		1,944	25,120	3,875	1,944		28,995	30,939	(15,769)	2013
New Orleans, LA - Courtyard	—		2,490	34,220	2,149	2,490		36,369	38,859	(17,624)	2013
New Orleans, LA - SpringHill Suites	—		2,046	33,270	6,302	2,046		39,572	41,618	(19,281)	2013
New Orleans, LA - SpringHill Suites	—		963	12,763	251	963		13,014	13,977	(1,302)	2022
New Orleans, LA - TownePlace Suites	6,293	(2)	1,366	18,110	215	1,366		18,325	19,691	(1,826)	2022
Oklahoma City, OK - AC Hotel	—		2,769	29,389	244	2,769		29,633	32,402	(3,929)	2022
Oklahoma City, OK - Holiday Inn Express & Suites	—		2,542	21,574	545	2,542		22,119	24,661	(2,521)	2022
Oklahoma City, OK - Hyatt Place	—		2,822	25,311	144	2,822		25,455	28,277	(2,538)	2022
Orlando, FL - Hyatt House	—		2,800	34,423	614	2,800		35,037	37,837	(12,154)	2018
Orlando, FL - Hyatt Place	—		3,100	11,343	7,219	3,100		18,562	21,662	(4,933)	2013
Orlando, FL - Hyatt Place	—		2,716	11,221	6,998	2,716		18,219	20,935	(6,135)	2013
Owings Mills, MD - Hyatt Place	—		2,100	9,799	(11,899)	—		—	—	—	2012
Pittsburgh, PA - Courtyard	—		1,652	40,749	6,640	1,652		47,389	49,041	(12,502)	2017
Plano, TX - Hyatt Place	—		2,363	13,699	(3,752)	2,363		9,947	12,310	(2,412)	2022
Portland, OR - Hyatt Place	—		—	14,700	891	—		15,591	15,591	(6,989)	2009
Portland, OR - Residence Inn	—		—	15,629	831	—		16,460	16,460	(7,539)	2009
Portland, OR - Residence Inn	—		12,813	76,868	10,654	12,813		87,522	100,335	(10,951)	2019
Poway, CA - Hampton Inn & Suites	—		2,300	14,728	1,521	2,300		16,249	18,549	(6,869)	2013
San Francisco, CA - Four Points	—		1,200	21,397	4,778	1,200		26,175	27,375	(11,013)	2014
San Francisco, CA - Hilton Garden Inn	—		12,346	45,730	(58,076)	—		—	—	—	2019
San Francisco, CA - Holiday Inn Express & Suites	—	(2)	15,545	49,469	4,707	15,545		54,176	69,721	(24,079)	2013
Scottsdale, AZ - Courtyard	—		3,225	12,571	3,998	3,225		16,569	19,794	(10,536)	2003
Scottsdale, AZ - Hyatt Place	—		1,500	10,171	302	1,500		10,473	11,973	(4,772)	2012
Scottsdale, AZ - Residence Inn	—		7,503	21,545	359	7,503		21,904	29,407	(682)	2023
Scottsdale, AZ - SpringHill Suites	—		2,195	9,496	1,930	2,195		11,426	13,621	(7,192)	2003
Silverthorne, CO - Hampton Inn & Suites	—		4,441	21,125	1,149	4,441		22,274	26,715	(3,855)	2019
Silverthorne, CO - Parking Garage	—	(2)	2,404	—	2,045	2,404		2,045	4,449	—	2019
Steamboat Springs, CO - Nordic Lodge	—	(1)	4,754	9,001	307	$	4,754	9,308	14,062	(256)	2023
Steamboat Springs, CO - Residence Inn	—	(1)	1,832	31,214	646	1,832		31,860	33,692	(3,439)	2021
Tampa, FL - Hampton Inn & Suites	—	(1)	3,600	20,366	4,729	3,600		25,095	28,695	(10,593)	2012
Tucson, AZ - Embassy Suites	—		1,841	23,958	5,606	1,841		29,564	31,405	(2,930)	2021
Tucson, AZ - Homewood Suites	—		2,570	22,802	1,744	2,570		24,546	27,116	(7,531)	2017
Tyler, TX - Residence Inn	—		1,243	15,323	440	1,243		15,763	17,006	(2,606)	2022
Waltham, MA - Hilton Garden Inn			10,644	21,713	7,017	10,644		28,730	39,374	(9,337)	2017

		Initial Cost				Costs Subsequent		Gross Amount at December 31, 2023
Description	Mortgage Debt/ Encumbrances	Land		Buildings, Improvements and Furniture, Fixtures and Equipment		Buildings, Improvements and Furniture, Fixtures and Equipment		Land		Buildings, Improvements and Furniture, Fixtures and Equipment		Total		Accumulated Depreciation		Date Acquired
Watertown, MA - Residence Inn		25,083		45,917		527		25,083		46,444		71,527		(10,363)
		$	407,432	$	3,042,359	$	137,108	$	385,300	$	3,201,599	$	3,586,899	$	(821,924)

(1) Properties cross-collateralize the related loan, refer to "Part II – Item 8. – Financial Statements and Supplementary Data – Note 6 – Debt" in the Consolidated Financial Statements.

(2) Properties subject to ground lease, refer to "Part II – Item 8. – Financial Statements and Supplementary Data – Note 7 – Leases" in the Consolidated Financial Statements.

(3) Property value includes an impairment charge, based on the difference between the net realizable value and the carrying value at the time of measurement.

(a)  ASSET BASIS

	2023		2022		2021
Reconciliation of land, buildings and improvements:
Balance at beginning of period as adjusted	$	3,548,184	$	2,638,549	$	2,570,768
Additions to land, buildings and improvements	131,153		989,046		80,496
Disposition of land, buildings and improvements	(75,777)		(68,991)		(12,715)
Write-down of assets	(16,661)		(10,420)		—
Balance at end of period	$	3,586,899	$	3,548,184	$	2,638,549

(b)ACCUMULATED DEPRECIATION

	2023		2022		2021
Reconciliation of accumulated depreciation:
Balance at beginning of period	$	716,646	$	583,080	$	490,326
Depreciation	146,083		145,491		105,462
Depreciation on assets sold or disposed	(40,805)		(11,925)		(12,708)
Balance at end of period	$	821,924	$	716,646	$	583,080

(c)The aggregate cost of real estate for Federal income tax purposes was approximately $3,380 million (unaudited).

(d)Depreciation for buildings, improvements and furniture, fixtures and equipment is based on useful lives ranging from 2 to 40 years.

(e)We have mortgages payable on the properties as noted. Additional mortgage information can be found in "Part II – Item 8. – Financial Statements and Supplementary Data – Note 6 – Debt" to the Consolidated Financial Statements.

(f)Amounts under the column heading "Costs Subsequent" include (when applicable) parcels of undeveloped land that were sold, and impairment losses related to certain properties.